TEMPO.CO, Jakarta-With regards to their agenda hold a holding company for SOEs from the energy sector, the government plan to handover their entire stake in state gas company PGN to Pertamina.
Based on the government regulation draft (RPP) on increasing state capital participation to Pertamina, the state will raise the amount of capital injection to Pertamina based on the suggestion by the SOE Ministry.
The capital raise will be done by handing over all of the state's B-series shares in PGN to Pertamina. With the scenario, Pertamina will have 13,809 billion units of PGN shares that once belonged to the government.
The RPP is waiting to be signed by President Joko Widodo. It also stipulates that the capital raise will turn PGN status as an SOE into a limited company (perseroan terbatas).
The capital raise is aimed at strengthening Pertamina's equity, since it will be turned into a holding company for energy SOEs by merging PGN into Pertamina.
SOE Minister Rini Soemarno said once the holding is established, Pertamina will be directed to obtain funding through the issuance of bonds.
Minister Rini also said that the establishment of an energy holding will not require the House of Representatives' (DPR) approval, even though PGN will lose its status as a state company.
The government is targeting for the regulation on the energy SOE holding establishment to be released in June this year.
